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Tuesday, March 30, 2010

Market Readying for the Big Up Move

I can't find any reason to be bearish outside of saying that the market might have a shakeout before it runs. After another review this morning, many stocks have finally reached their 20dma's. Others have started to bounce off them. Some are starting to tighten around them, while others are somewhere between their 3rd and 5th weeks of consolidation to the 50dma. I'd bet this market is going to wait for the big jobs report on Friday and react to both the ADP (Wednesday) and weekly claims (Thursday). But the Friday jobs reports could be the catalyst. I don't see any reason why you should not start taking positions off logical areas of support now. I do believe if you were to wait for a little more of a confirmation from the market, mainly the leading stocks, there will still be some opportunities if not all the opportunities if there is one shakeout before we run. Otherwise about the only thing that derails this market now, is a piece of news out of left field no sees coming.

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About Me

Gennady Kupershteyn has been in the financial services industry since 1997. Since 2000 he has been a professional trader and serves as a trading mentor and portfolio adviser. Gennady utilizes a combination of vast historical studies of individual stocks, technical analysis and market fundamentals to determine appropriate risk / reward ratios for employing optimal equity trading strategies. His experience includes building and managing four successful trading desks in California, New York and New Jersey. He has trained hundreds of individual and professional traders and investors. Prior to becoming a professional trader and adviser, Gennady served as a Floating Manager in the Domestic and Offshore Hedge Fund Group at Alliance Capital.